Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Plyovers Operating Data For the Month Ended July 31 Actual Plexible Planning Results Budget Budget Flights (9) 48 48 50 Revenue ($320.00) $ 13,650 $ 15,360 $ 16,000 Expenses : Wages and salaries ($4,000 + $82.009) 8, 430 7,936 8,100 Fuel ($23.009) 1,260 1,104 1,150 Airport fees ($650 + $38.000) 2,350 2,474 2,550 Aircraft depreciation ($7.009) 336 336 350 Office expenses ($190 + $2.009) 460 286 290 Total expense 12,836 12,136 12,440 Net operating income 814 $ 3,224 $ 3,560 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Actual Revenue and Spending Flexible Results Variances Budget 48 48 Activity Variances Planning Budget 50 Flights Revenue $ 13,650 $ 15,360 $ 16,000 7,936 8,430 1,260 1,104 2.474 8,100 1,150 2,550 2,350 Expenses Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 336 350 286 290 336 460 12,836 814 12,136 12,440 3,560 $ 3,224